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code is really segmented largely for personal and business taxes. the sharing economy presents a nuanced situation. individuals are not businesses but are enjoying a new stream of income. we are interested in having that conversation in a way where we can use the new economy to benefit the city as well as individuals who are proactively taking all entrepreneurship in their own hands to leverage their own resources and knowledge to supplement their income. >> at task rabbit, we're looking to partner with the city and generate more awareness around what we do and how consumers and small businesses can get involved. we have a lot of small businesses utilizing the network as a delivery force or on demand labor force, particularly with seasonal businesses. they do not want to have to hire a bunch of full-time employees for a month or two of work. they're able to utilize the task private network to scale up and down. another case we see is for deliveries. suzy cakes uses task rabbit to get her goodies out. these tasks rabbits are using their own vehicles to do the deliveries. it is t
ministers to say the economy may already be in recession. one step forward, two steps back. greek lawmakers approve 2013 budget, but germany warns brussels aren't likely to sign off on the next tranche of aid at their meeting today. lorenzo tells cnbc greece needs more time and he's urged europe to extend the company's debt maturities. plus president obama will get a lot of input this week from civic leaders on how to tackle the looming fiscal cliff before he sits down with house and senate leaders on friday. we're up and running for a fresh week of global business news. we'll hear from kelly fairly shortly. also on today's program, we'll be in brussels ahead of the important euro group meeting. focus there on greece and the eu budget. after the weekend, talks collapsed. and the annual world energy outlook report in an hour and plus analysis of where oil prices can be headed. and best buy gets set to join the tablet wars with it insignia flex. what can it offer to customers that the ipad, kindle 5 and surface can't. the first japanese government may be forcesed to lower its outlook for the
about the u.s. economy. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> hello. welcome to today's "worldwide exchange". >> 40 unions in 23 countries. that's the strikes that are planned across europe today. so if you thought there couldn't be any coordination, there is coordination. >> how are we going to be affected? >> you know, air travel, surprisingly, they have had to have a lot of cancelling due to strikes. >> we're fully at our jobs. there's two hours of it today. let's remind you exactly what's coming up. we'll have updates from beijing throughout the program as the new generation takes the first step towards leadership. >> and we're in london. talk to the ceo of wpp, martin sorrel. >> we discuss japanese banks. >> and the latest on cisco from silicon valley as the network equipment maker warns of slowing growth this quarter and some falling demand in europe. >> more than 2,000 delegates have cast their votes for china's new central committee, marking the end of the week long communist party. the world will have to wait one more day
. it is an anomaly. is an authoritarian regime running the world's second- biggest economy. modern leaders paying homage to pass commonness, mouse at all -- mao tse tung included. >> we must crack down on corruption at all times and thoroughly investigate cases of major corruption. anyone who breaks the law, whoever they are, must be brought to justice without mercy. gregg's the successor, the current vice president, was chosen by party leaders five years ago in a process of back room deals and compromises. he will be installed as the new general secretary next week. outside, china looks increasingly modern. there is a widespread sense that growth is slipping and what is needed now is more reform. but a fear that the party may not be able to relax the market still has on part of the economy or submit itself to more checks and balances. >> the pressure for real reforms is building in chinese society. the last 10 years were a lost decade. >> instead, the communist party has tightened its hold and become more intolerant of those who question its right to will. this way, a taxi drivers have been told
measures to ensure the economy is boosted even after the dissolution. >> translator: it's vital to implement the economic measures that noda asked the relevant government offices to compile. >> chairman of the japan chambers of commerce and industry said it's regrettable that the move and the ensuing general election will create a political vacuum at a time when the nation's economic situation is severe, but he said he believes that the election is inevitable for the economy to get out of its prolonged stagnation. >> translator: i believe that seeking a public mandate through an election is inevitable for various economic issues. these include the free trade deal under the trans pacific partnership. >>> china's elite officials are finishing up a high stakes game of political chess strategizing and making moves that will ultimately shape the future of the world's most populus nation and second largest economy. hours from now members of the communist party will unveil the next generation of leaders that will take control. party officials spent a week long holding their national co
westgate in london on all of that. japan's economy shrank, first contraction since last year. the data adding to signs of slowing global growth and tensions with china nudging the which i into recession. and yen minute's main oil export pipeline shut after it was blown up in two pieces. local news organizations didn't identify the attackers, but they've been repeatedly sabotaged. finally, iran launched a military drill across half of the country today. government warning it would act again against aggressors. >> where is your jacket? >> i decided in high spirit of rising above to take it off today. but i can't find my pin. >> i'm putting mine on right now. >> it's you saunderstood we're above. p. >> and you're about to talk about corporation news we haven't especially touched on petraeus. maybe we'll sneak that in. >>> htc announcing a global patent settlement and ten year licensing agreement. the deal sends one of the first major conflict of the smartphone patent wars. apple sued accusing the company of infringing on its technology. and citigroup will pay 15.5 million each to former c
.s. economy due to hit the fiscal cliff, trillion of tax increases and spending cuts, president obama called for a catch henceive deal and said he is not going to one on the top 2%. >> we cannot afford to extend the bush tax cuts for the wealthy. we can make sure that middle class taxes don't go up. if we get that in place we are removing half of the fiscal cliff. >> speaker john boehner offered what he considers a balanced approach generating the revenue from tax reform and entitlement reform. late today, boehner said the president's position is flawed. >> we are not going to hurt our economy an make job creation more difficult. which is exactly what that plan would do. >> letter sent by the u.s. chamber of commerce and signed by 232 organizations calls on the president and congress to immediately extend all the tax cuts and find other cuts to replace sequestration. the president suggested taking a closer look at reforming entitlements without offing details and says he would like to simplify the tax code. mr. obama says he wants congress to act now to extend tax cut for middle class and tr
's ten years at the top. it was the world's sixth largest economy. now it's the second largest. >> reporter: we asked nhk world's -- >> reporter: china has faced diplomatic and domestic challenges over the last decade under president hu jintao's leadership. >> reporter: hu promoted what he called the concept of scientific development. the policy aims to create a harr mounce society. the process required slower growth. the hu administration abolished a tax farmers had to pay based on the size of harvests. it was part of the president's effort to narrow the economic gap between urban and rural areas. hu also worked toward a sweeping consolidation of coal mines and chemical plants, which resulted in a reduction in pollution. but the president hasn't been able to control china's income disparity or corruption among its bureaucrats, and so, public anger with the government is simmering. migrant workers in cities and students looking for work are among those who are upset. >> translator: it's so difficult to find a job. >> reporter: hu also faced dissatisfaction ethnic minorities hav
to rebuild its economy with china's kropsi cooperation. attention is focused on when kim will schedule talks with the new leaders. >>> the eurozone economic shrank from july to september compared to the previous three months. this is a decline for the second quarter in a row. this also means the common currency block slid into a recession. the european union's data office released the preliminary figure of gross domestic product for the third quarter of this year. it fell 0.1% from the previous three months. among the 17 nations in the eurozone, portugal's gdp fell 0.8%, spain slumped 0.3%. germany and france, the strongest economies within the eurozone, both posted a 0.2% growth in the third quarter, but compared to a year earlier, the greek economy was down 7.2% in the quarter. >>> let's check on the markets. european shares are lower as the eurozone economy has gone back into recession. london shares down about 0.3%. frankfurt, the dax index declining almost 0.5%, and the cac 40 in paris declining by 0.5%. meanwhile, share prices across the asian europe was lower everywhere but japan beca
to get on the streets, otherwise everything will be destroyed. the greek economy certainly looks to be in a terrible state. year on year they are showing a contraction of more than several states. >> question frazier, paris, thank you very much for the view across europe. plenty to come, including a total eclipse of the sun. how thousands reveled in a rare celestial tree. prosecutors in the united states have called for a death penalty for a long shot -- court martial in a case of a soldier killing 16 afghan villagers earlier this year, after going on a rampage. he is facing 16 counts of premeditated murder and six counts of attempted murder. >> it was a shocking incident, the death of 16 afghans, slaughtered before dawn in march. among the victims were nine children. the suspect, staff sergeant robert bayless, who had been previously injured while serving in iraq, he had been reluctant to go to afghanistan. it is alleged that he returned to his base after the first attack, heading out to the second village after finally returning, covered in blood. outrage strained relations bet
the economy. we'll get insight from our panel of business chiefs. sure there may be a few things getting you down. i mean, you know, there is the fiscal cliff looming, political gridlock is running rampant but we've got four ways to keep your pockets flush with cash regardless what's ahead. more "money" coming up, we promise. ♪ ♪ . melissa: so only been two days since the election but executives and ceos are already reaching out to the administration agreeing with president obama's message, it is time to work together to rebuild our economy. sure. except what can you really do now that hasn't been tried already? businesses have to deal with the very real possibility of higher taxes and expenses and the president has to make it easier to do business here in the u.s., right? all right. we have assembled a panel to sort through all this. ed kinard, former bain pital managing director. the ahor of, unintended consequences. it is right there. clinton greenleaf, founder of greenleaf book group. thanks for coming back. we have jim amos, ceo of frozen yogurt chain, tasty delight. my favorite. i
to do after yesterday. we'll talk more about the economy in a minute with david rosenburg. it was pretty clear yesterday that depending on how you wanted to spin it, could you say how do you do for another four years. i don't remember any euro news in the last six months no matter how bad it was, we didn't get it free handle. so there's more to it than just europe. >> it was the fiscal cliff, but also the financials got hit so hard. if it had been romney, the cliff would be less of a deal because they would stepped all of them. so now we know and we lettered it first hand yesterday. boehner said we're open to tax increase, but part of a bigger plan that involves spending cuts. dove did a bungee -- >> worst thing i ever did. >> but it goes down and then right back up. >> the worst part is you feel like you're connected on something, but don't. it's a free fall until the very he said and then he start to feel like i'm connected to something and it throws being back into the air. >> my question is let's say that it's not a bungee, let's say it's a rope. so you jump and then you -- that woul
impact. >> definitely. year over year, oil demand is up. we've had very weak economy in europe. not much growth in the united states. but i think that's the trend we'll be playing out for the next few years. >> oil 110 at the moment. is that a fair price? >> there's premium built in because of geopolitical risks. i think premium is probably justifiable. you look at wti at $23 discount to where breptd is. that's not sustainable in the long time, but given inventory levels, that will stay. >> do you keep your trade on oil? >> we have neutral position, but we're short the front month. respe respect. we make money by rolling the contracts the other way around. we're long oil in the 12 months forward rolling in to the 13th month and we end up with little more oil with that strategy. so more of a curve play. >> all right. patrick, you're with us for the first half hour. also we'll be out to new york for a check of the retail sector in the wake of super storm sandy. some department stores are getting ready to report third quarter numbers. >> we're also live in italy ahead of the three biggest b
administration. >> reporter: experts warn of serious damage to the economy if the standoff drags on. >> if three or four weeks from now they're making no progress at all, you're going to see the anxiety and the nervousness growing both in the markets and in corporate boardrooms. it's going to be a rough two months for the u.s. economy. >> reporter: and lester, as the clock ticks with the two sides still at odds, they'll try to take the first steps towards common ground on friday here at the white house when the president hosts the entire congressional leadership. >> mick viqueira, thank you. >>> tomorrow marks two weeks since sandy roared ashore here in the northeast, wiping out homes, leaving families with nowhere to go as they try to even think about how to pick up the pieces. a housing crisis that has the feds scrambling to help them. nbc's michelle frandsen is in staten island with more on that. good evening. >> reporter: good evening. this distribution center is the hub for this darkened neighborhood on staten island where people can come and get a hot meal and also much needed supplies. to
are talking about slows growth in the economy. it is the prudent thing to do to get the fiscal house in order but all those things will keep growth somewhat tepid and 22013. liz: two things helping the economy improve, retail sales number did not look that good, but depending on the company certainly. it is not all bad news. give me an example of people running for safety. >> pfizer is the perfect example. what is so interesting about that? liz: people feel safety, visor, the industry. >> it feels good to own those well-recognized names. you should look for the companies that are growing despite that. it is amazing people feel okay losing money in pfizer because it is pfizer. if you lost money in a company you are less familiar with. liz: some of those very names he feels are the places to be. the long-term bullish stock picker to, the number one moneymaker. 50 minutes before the closing bell rings. remember the '80s when the japanese bought everything american including the rockefeller center? chinese companies are now doing the same thing. plowing money into u.s. assets, u.s. companies at a
begins today. president obama will be making a statement on the economy. he'll speak from the east room of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every
his first press conference after the election, and he would like to focus on the economy, but i think the majority of the journalists will just as more about petraeus and about general allen. the cia had eight directors in the past seven years, and it is bad for the cia, bad for the military, and bad for president obama. >> thanks for that. >> in germany, greenpeace is calling for a fresh start in the search for a long term dump for nuclear waste. >> the environmental group says a new commission should be set up to consider a range of possible sites with maximum input from the public. it says that after years of controversy, the government should give up on the old salt mine that has been the longest running candidate. >> research into weather this underground site is the right place to store nuclear waste started 35 years ago. the protests against it are just as old. greenpeace says it is time to change tack and that the search for a storage site for nuclear waste should start from scratch with greater involvement by ordinary people. >> a permanent storage site can only work if there
afternoon, talk about the economy, fiscal cliff. it doesn't look like he will take questions, not a full scale. post election news conference, though. it may be coming soon. >> bret: we'll cover it live on fox. thanks. what is the most pressing issue right now for president? let me know on twitter. follow me. @bretbaier. we kept you well fed with steady diet of polls in the campaign. which ones were right? this which ones were complete junk food? answer is later in the grapevine. up next, trying to wean the economy off massive debt and deficits. [ male announcer ] what are happy kids made of? bikes and balloons, and noodles on spoons. a kite, a breeze, a dunk of grilled cheese. catches and throws, and spaghettio's. a wand, some wings, soup with good things. sidewalks and doodles and wholesome noodles. puddles and pails and yes, puppy dog tails. for a lunch like this, there's a hug and a kiss. because that's what happy kids are made of. campbell's. it's amazing what soup can do. >> bret: one of the most pressing issue for president obama and the lame duck congress is the crushing debt and
drawing lines that they say they will not cross. the major hurdles, that threat to send the economy into a tailspin, that's coming up next. >>> plus a nascar race turning into a full-scale brawl. look at this. mayhem breaking out of the everybody going at it. we'll tell you what set it off. after this. ve lately. but because of business people like you, things are beginning to get rolling. and regions is here to help. making it easier with the expertise and service to keep those wheels turning. from business loans to cash management, we want to be your partner moving forward. so switch to regions. and let's get going. together. jenna: well come back, everyone. now let's return to the economy. the president and house speaker john boehner are suggesting they are willing to compromise to prevent our economy from going over that so-called fiscal cliff but both sides are digging in their heels whether or not to race tax rates for the wealthy. rich edson of the fox business network watching this all for us in washington. democrats got the white house, they got the senate. how are they beg
.s. economy, fewer jobs, less investment, and lower wages. back to you, guys. rick: liz macdonald. you hear talking points from both sides. we want to try to get down and drill to the facts. you have the president drawing a new line in the sand according to a lot of headlines this morning with plans to open up friday's fiscal cliff negotiations with absolutely no concessions on the table and far more in new taxes than republicans have said they're willing to even consider. so we have some breaking news. we'll get to that in a minute. jenna. jenna: i guess we'll go down live to d.c. now. we're waiting a press conference. there is senator mccain, ayotte and graham talking about the future of the benghazi investigation. let's take a listen. >> establish such a select committee and we will urge the senate leadership to act on it as soon as possible. while we await the findings and recommendations of the administration's internal review of the benghazi attack, it is essential for the congress to conduct its own independent assessment. let me be clear. there is no credibility amongst most of us c
that corporate profits will begin to disappoint and that the global economy will hardly grow next year or even contract. and for that is the reason that stocks from the highs in september at 1470 on the s&p will drop in my view at least 20%. apple has already dropped more than 20%. >> what's causing this global shedo do slowdown? is there any way out of this or is this a messes that we have to live with right now? >> each country has specific problems. i was in vietnam, i've seldom see seen such an overbuild real estate market. it will take years to absorb everything. and vietnam property market is a microcosm of the chinese property market. it will also take years in china to absorb all the properties that are being built. in the western world including japan, the problem is we have too much debt and that debt now will have to be somewhere somehow repaid or it will slow down economic growth. and so i think that we live beyond our means 1980 to 2007 and now it's pay back period. >> it's pay back period but if you have a situation that you expect where the fiscal cliff is one that we never addr
to be there not in a bee lidge rent way, but as a broker. this is an economy issue. so i think that this withdrawal has to be done because our true national security is in the western pacific. >> let's talk about the unemployment rate here at home for post-9/11 veterans. it's 10%. for women, 15.5%. and both of those numbers are far too high. so what can we be doing to help our veterans when they return to civilian life? >> in the case of jobs, two things. i think it was outrageous that the senate voted to spend over $100 billion on that war where it was all put on to our credit card would not approve a bill for $1 billion for job corps this summer. and you have to look at not just policieses, but how well are they executed. texas hired 25 veterans. and every time a discharge -- a veteran is given his discharge papers or texas veteran applies for unemployment, both those forms are the veteran's contact information is sent to that office of those 125 veterans. they then contact every single texas veteran with half their office. the other half is getting together all the businesses in texas and they match
's second-biggest economy. they include the second highest rank leader. number 6 in the lineup is already an architect of economic reform and offers the hope of more. then there is number 3 and number 5, both said to be conservative hard liners. i jinping's wife is a singer who is at least as famous as he is. only by a matter of degree, conformity and caution are keys to the climb up in communist party politics. >> china's new leaders said today he wanted to give the 1.3 billion people in this country better jobs and better living standards. tschida has already seen a remarkable economic transformation with hundreds of millions lifted out of poverty. there are now real fears that the economic miracle may not be sustainable. i have been speaking to china's richest man who grew up in poverty. he told me that the gap between the rich and the port has become a huge problem and says the new leadership has to tackle it. >> in a country where biggin brash is the order of the day, he offers a reminder of a gentler times. it is now home to a different kind of employer. this is the headquarters. no
spending cuts and tax increases that kick in at the end of this year would push the economy into another recession. on the campaign trail the president made clear he wants a deal that includes tax reforms and new incentives for businesses that keep jobs in the united states, but he also wants tax increases on wealthier americans, something republicans say they will refuse to consider. reporting live from washington dc, allison byrnes ktvu channel 2 news. >>> a penalty phase hearing continues today for a convicted of killing two people. prosecutors wants death penalty for nathan barris. he threatened to kill them after he fired them. back in 2008, he sent a letter to barris's former girlfriend, debra ann ross warning he may be a threat to her. those fears proved to be true on august 11th, 2009, that's when authorities say barris shot ross who was a toll take and are shot and killed her friend. >>> an ancient fossilized tooth that was dug up is on display at the academy of sciences. a train operator found that tooth just two months ago. it was buried about 110 feet deep. they think that to
as a share of our economy just as our agriculture has declined as a share of our economy we are still will world's largest exporter i believe, but to get a number of jobs to stop declining and to start going up in a more sustainable way. >> i agree. >> i'm going to make a positive energy point and then ask questions. the point is when it comes to the actual destruction those are high paying jobs because we can't outsource them and so i think that is one area you are seeing the wages actually going up. having said that, do you worry that this is going to become a really divisive issue in your party because there is a leaning in the democratic party that is pretty and i fossil fuel and is not greeting the discovery of these new sources of fossil fuels, natural gas not so bad but some of the techniques for extracting it like fracking are not in environmentalists favorite thing so will you we start seeing some de tension and the people welcoming this as a source of jobs and economic growth and the environmental wing of the party that says no we want to get away from fossil fuel. >> i don'
market. that hurts the economy. brooke. >> alison kosik, thank you very much. and thank you very much for being with me here. i'm brooke baldwin at the world headquarters of cnn in atlanta. let's go to my friend wolf blitzer, "the situation room" starts right now. hey, wolf. >> hi, brooke. thanks very much. happening now, president obama gets down to business. he's signaling what his priorities are for term two. also, a dramatic courtroom confrontation of the former congresswoman gabrielle gifford stares down the man who tried to kill her. now that the voters have had their say, colorado's marijuana growers and would-be legal dealers face a showdown with the federal government. i'm wolf blitzer. you're in "the situation room." >>> today we're getting our first inside hints about what's on the president's to-do list now that the election is over. the list includes huge issues like taxes, the deficit, headline making overseas trip and a possible shakeup of his cabinet. let's get right to our chief white house correspondent jessica yellin. she's been doing some reporting. jessica, what a
business." $6 billion invested in this economy. did we see a boost in the sluggish economy? guest: christmas in september for the television stations in some of battleground states. stations were cutting back on programming so they could fit in all the advertising. we have tried to get a handle on the tv ads and have created a database which pulls in the advertising that is not registered at the federal communications commission. it is the top 50 markets. we are trying to pull that together and have asked volunteers to go to some of the uncovered markets and help us collect the other advertising. there are these concentrated pockets of spending in these communities. the television stations are telling us it is difficult to make these filings and put this in an electronic format. hire an extra clerk or two if you're making so much extra money. host: is this estimate correct -- about a million commercials? guest: as far as i know, yes. it certainly shows like at least a million. host: matt on the republican line. you are on with kathy kiely. caller: i have good news for the democrat
with the meltdown. >> trying to sniff out the criteria trading. it is central to the economy and central to the market. they haven't figured out a way yet to stop what they don't like. dennis: do we already know 100% of the details of dodd-frank and what it will do? >> a large percentage. this list o is still a substantl amount, but even more these rules are subject to the lack of cost-benefit analysis. we have a long period of uncertainty ahead of us, unfortunately. dennis: on one hand they're told to take down everything and then they're being yelled at for not lending. wilbanks continued to be bad guys in the obama administration? >> i hope not, dennis. we need wall street for a modest recovery, no way around that. dennis: we are beating up one of the engines are supposed to get us out of it. thank you for being with us. cheryl: it is time for your "west coast minute." governors in colorado and oregon want the wind power tax rates to be extended by congress. the tax breaks that too set to y the end of the year. opponents argued discussed in the federal government a billion dollars per
-time jobs which is great for the economy anywhere. even more in the seasonal and job front popping route that this is a first outlet mall that has been open and four california in 11 gear years. >> my daughters are looking for the coming to them all the of the market on the calendar. >> i love that i come back all the time of my friends. and not let key brands i really like their jeans and i will come back here and buy them then to go to the regular store. >> the city of livermore plunged pitch and $30 million for interest its infrastructure support. it will be between $68 million the year to bring in revenue which would be great. it opens at 10:00 this morning but the good news is it will stay open until midnight tonight and tomorrow night. >> with the economy in the way it is an evil struggling with the they are it was certainly a roll the dice of if you build it they will come. >> we're talking bloomingdale's and saks fifth avenue our money. people are saying they're hoping the people from seven cisco and tourists to come out and take glass buses and do their shopping out here. -- san
and higher jobless pen fit claims because the economy appears to be getting weaker and weaker. we face tax increases next year. that's been noted by business. there have been some layoffs prior to those tax increases. and so the underlying trend may be up. it has been exaggerated by hurricane sandy. gregg: stu, things could get worse january 1st, when all of these spending cuts and tax increases happen. it is so-called fiscal cliff. put it up on the screen. 158 million americans would be affected by this. the average household, $3500 a year in tax increases. you're talking about 88% of the households are going to see tax increases. if i read the cbo report correctly, they say this will drive us right back into another huge recession, right? >> well you've got two cbo reports. the one you're referring to says, yes, you go over that fiscal cliff, massive tax increases and big spending cuts. you will go into recession. a separate report looks just at what happens if we raise taxes on the top 2%. just on the rich, the top 2%. if we do that, we lose 200,000 jobs next year. factor that into the
much do you want to do and perhaps drive the economy into a recession. the second is what deal can you strike about the debt. in the end if they do raise more revenue they shouldn't do it by raising the tax rates, but by broadening the base. and remember none of it is going to solve our problems. they have to do entitlement reform. gregg: here is what john boehner had to say. >> the problem with raising tax rates on the yetist americans is that more than half of them are small business owners. we know from ernst and young 700,000 jobs would be destroyed. we also know that it would slow down our economy. raising tax rates will slow down our ability to create the jobs that everyone says they want. gregg: so, steve is john boehner right or crystal right. >> john boehner gets an a in economics. he's precisely right. a large percentage of the income that barack obama wants to tax at the higher rate is small business income. the other part of it that the speaker didn't mention is the other big component of that income is investment income the money that the people put into the small business
less than $250,000 a year. that doesn't make sense. our economy can't afford that right now. certainly no middle-class family can afford that right now. >> reporter: mr. obama signed legislation extending the bush- era tax cuts two years ago, including those affecting the wealthy, but he said today things are different this time. >> well, two years ago, the economy was in a different situation. we were still very much in the early parts of recovering from the worst economic crisis since the great depression. but what i said at the time is what i meant, which is this was a one-time proposition. and you know, what i have told leaders privately as well as publicly is that we cannot afford to extend the bush tax cuts for the wealthy. what we can do is make sure that middle-class taxes don't go up. mandate, i've got one mandate. i've got a mandate to help middle-class families and families that are working hard to try to get into the middle class. that's my mandate. that's what the american people said. they said, "work really hard to help us." that's my mandate. i don't presume that becaus
Search Results 0 to 49 of about 99 (some duplicates have been removed)

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